Beverage and snack giant PepsiCo has agreed to buy in-home carbonated beverage company SodaStream in a deal worth $3.2 billion, the companies announced Monday.
PepsiCo will pay $144 a share -- a 32 percent premium on the 30-day volume weighted average price -- to acquire the Tel Aviv-based company that makes a device that allows users to carbonate beverages at home.
"We get to play in a business -- home beverages -- where we don't play," PepsiCo CFO Hugh Johnston told CNBC.
The deal increases SodaStream’s presence globally. The carbonated beverage device is sold in 45 countries and distributed in 80,000 retail stores, CNBC reported.
“It is validation of our mission to bring healthy, convenient and environmentally friendly beverage solutions to consumers around the world,” SodaStream CEO Daniel Birnbaum said in a release. “We are honored to be chosen as PepsiCo's beachhead for at home preparation to empower consumers around the world with additional choices.”
Birnbaum will remain with the company after the deal closes in January. The deal is still subject to shareholder vote and regulatory approvals.
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